According to the report, the Plastic Waste Management Market size is expected to reach USD 428.50 million, at a CAGR of 4.5% during the Forecast Period of 2022 - 2030.
Additionally, the growth percentage of used plastic materials in the environment is considered as plastic waste management treatment. Over 50% of the plastic produced all over the world is specially used for only a single purpose. This type of plastic is generally considered a non-gradable material and it can remain entirely over a long period of time while it is thrown away. If these plastic waste management market materials didn’t treat properly, it would definitely affect the environment and as a result, it will create a serious human health problem. Plastic waste items always release so many harmful chemicals and they also easily pollute the air, land, and water. The growth in the economic sectors, rapid growth urbanization, industry, and the changing lifestyles procedures of people have led to raising the rates of plastic waste management market production, which established an increasing risk to the environment. With developments promoting awareness and growing to understand health and the environment, there has been a significant increase in awareness about plastic waste management. The rising income levels of people and population growth have created new opportunities for the plastic waste management sector.
Plastic waste management is specifically involved with the market storage, collection, distribution and transportation issuance. This is in line with the criteria of global health, financial, business, and environment. Most of the plastic waste management market items that are used on a regular basis are either factory-made with plastic or packed in them. These waste materials are produced at home, industrial sectors, and commercial levels. Some of the efforts are being made to control waste material include recycling plastics, sifting plastic garbage, and separating usable plastic. Among all of these, the most effective technique of controlling plastic pollution is the usage of plastic garbage.
The ongoing demand for the plastic waste management market services is allocated to the rise in awareness schemes which is related to concerning property waste management practices, strict enforcement by governments for the management of plastic waste, which reduce the solid waste collecting in garbage dumps, and the growing urban population are all the factors that affect the rising demand for plastic waste management market services. Moreover, the highest cost of utilizing recycled plastics and the challenges within controlling the supply chain is expected to present some kinds of limitations to the growth of the market.
The impact of the Covid-19 on the market sharehas been placed so vastly. This industry and several business sectors worldwide have been bound to release the stoppage of the production due to the global health emergency for the Covid-19 impact. The production works from many companies have been stopped for a period of time. According to this, the investment sectors and global stock market sectors have also been faced a huge loss.
Key Market Drivers:
Several leading manufacturers and industrial sectors across the world operate the plastic and waste material supply chain. These sectors have joined several investors and share-holders to establish a larger industrial sector. Due to this, most of the key market players have come out in the last few years.
The global pandemic has been a big challenge in the market sectors. During the pandemic, almost every business sector, including plastic waste management market sectors, has faced big trouble in relation to the manufacturing of products and production distribution process. Due to the closed of international markets and tons of cargo shipments, many investors and shareholders have been witnessed a huge loss in their business sectors.
Just after the opening of the international market with the release of lockdown procedures, the product demands and supply of more product distribution procedures have been increased hugely in the global plastic waste management industry. Due to this, several industries have applied some key factors like the development of more infrastructure, innovative ideas and techniques related to the smart waste management market for plastic which helps these industries to grow rapidly, which is a big opportunity to meet all the demands from the global supply chain market.
The process and requirements of the plastic waste management industry are so much complicated due to the highest cost of raw materials and heavy industrial equipment. Furthermore, it is required for professional and highly motivated laborers to work in the industry. The increasing operation costs also affect the profit margins for the investors, shareholders as well as the global plastic waste management market sectors.
Construction and demolition waste is currently growing healthy throughout the world, and its management entails a variety of activities such as monitoring, collecting, transporting, recycling, and disposing of waste generated during the construction, renovation, or demolition of buildings or other infrastructure. During building activities, it aids in the reduction and reuse of waste materials such as concrete, earth, wood, glass, plastic, cardboard, and metal. In contrast to residential garbage, construction and demolition waste products are inert, hefty, and non-biodegradable in the plastic waste management market. As a result, regulatory agencies require commercial facilities to sort, treat, and filter these materials before reusing or destroying them. Increased building and demolition activity is fueling global demand for construction and demolition waste management.
The global plastic waste management marketis extremely competitive, with many competitors focusing on breakthrough technologies to recycle and reuse trash generated by various sectors and homes worldwide. In addition, various startups are emerging in the market that constantly concentrates on waste reduction by adhering to the Zero Waste - 3R concept.
Some major key players in this industry are listed below:
Recent Market Development:
Biffa Group has announced the purchase of Company Shop Group ('CSG,' the UK's largest and leading redistributor of excess food and home items. After completing all necessary regulatory permissions, Waste Management finalized its acquisition of all outstanding shares of Advanced Disposal. When Advanced Disposal's net debt of about USD 1.8 billion is included, the previously announced purchase price of USD 30.30 per share in cash represents a total market capitalization of USD 4.6 billion.
The plastic waste management market analysis report offers up-to-date market insights, a current situation analysis with upcoming trends, and a product and service breakdown. The research includes critical information on the Plastic Waste Management industry, including market size, share, and growth drivers. The purpose of this research is to give market knowledge and strategic insights to assist decision makers in making informed investment decisions and identifying possible gaps and growth opportunities.
By Service and Equipment:
By End Use:
|CAGR||4.5% CAGR (2022-2028)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Service & Equipment , Polymer, Source , End-Use Sector|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Veolia Environnement S.A. (France), SUEZ Environnement Company (France), Waste Management Inc. (U.S.), Republic Services Inc. (U.S.), Stericycle Inc. (U.S.), ADS Waste Holdings, Inc. (U.S.), Remondis SE & Co. KG (Germany), Clean Harbors Inc. (U.S.), Hawkvale Limited (UK), Hahn Plastics Limited (UK), Covanta Holding Corporation (U.S.), Progressive Waste Solutions Ltd. (Canada), Luxus Limited (U.K.), PLASgran Ltd. (U.K.), and United Plastic Recycling, Inc. (U.S.)|
|Key Market Opportunities||
|Key Market Drivers||
The global plastic waste management market share is expected to grow at a 4.5% CAGR during 2022 - 2030.
Plastic Waste Management Market is projected to be worth USD 48.13 billion by 2028
Luxus Limited, PLASgran Ltd..), Progressive Waste Solutions Ltd., and United Plastic Recycling, Inc. are some prominent names in the plastic waste management market.
Collection, incineration, disposal, and recycling are service and equipment segments of the market.
Polypropylene (PP), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), and Low-Density Polyethylene (LDPE) are polymers that are used in plastic waste management solutions.
The global plastic waste management market is studied from 2022 to 2030.
The Asia-Pacific is growing at the highest CAGR over the forecasting period of 2022-2030.